In the shipping industry, freight matching is a common practice which is defined as the process through which consignees are paired to the flight carriers by the use of truckload boards. Shipping companies do the freight matching to be able to minimize losses that may arise when a consignments travels for a long distance without having been filled to capacity. Companies or independent owners can carry out the freight matching using the load boards. Potential customers usually receive information to space available in a given truck and the destination of the consignments so that they can decide on whether to take up the space if it suits their needs. With the use of the load boards, the potential customers can use it to determine the requirements put in place for the shipping and try to meet them and then it will be matched with the available trucks and destination. There is a given level of expertise needed so as to operate the load boards effectively and it maybe productive.
With the increase in innovation on a daily basis, freight matching has greatly been revolutionized and can be done online using different software. The innovation have been culminated with the development of digital freight matching which uses platforms in the web to connect individuals and companies who are shipping to the trucking capacity that is available. When working with the traditional freight brokers, it was not easy since freight matching would take a lot of time but this has become a narrative with the development of digital freight matching. Instant proof of delivery of the consignment, GPS tracking in the real time as well as automated invoicing and payment are some of the advancements that have been achieved through digital freight matching. The major benefits that have been achieved through the digital freight matching are the reduction of traffic from the trucks as well as lowering the rate of pollution. With reduced number of backhauls and consolidation of various shipments, traffic and pollution has been greatly reducing.
Freight factoring is an important component in the shipment industry. Freight invoice factoring can therefore be describes as where owners and truck operators receive payment as soon as they deliver consignments to their recipients. One needs to submit the freight bill to a factoring company as well as a proof of delivery of the consignments either via emails, fax or any other fast means. Once a factor in the freight factoring company verifies the freight bill submitted, one is able to receive the amount indicated. Freight factoring companies also need to pay themselves hence they charge a service fee from the total freight invoice before making payments to the truck owners or operators. The factoring company usually waits for the customer to pay so that they can collect the invoice payments from them. The companies help truck owners and operators run their activities smoothly with minimal financial challenges.
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